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18th of May 2012

Cayman has 29 new captives

Vicky Beckett 31/10/2011

The Cayman Islands has experienced a 93% growth in the number of captive formations in 2011 so far.
 
In the first nine month of 2011 the domicile licensed 29 captives, 14 more than during the same period in 2010.
 
However, Cayman only has one more captive than September 2010, which regulators claim is due to licence termination of companies in liquidation and special purpose vehicles completing their one-year policy cycle.
 
Total premiums by September 30 were also a record high at $9.6bn, compared to $8.6bn on December 31 2010.
 
Cindy Scotland, CIMA’s Managing Director, said: “In all of 2010 there were 25 new captives formed, so for our 2011 numbers to already be at 29, and with new applications pending, we anticipate this calendar year to reflect significant growth in new captives.”
 
At 31 March there were 720 captives, which grew to 725 at 30 June, before reaching 730 at 30 September.
 
Health care is the primary line of business for 256 companies (35%) as of September 2011.
 
Workers’ compensation is second with 157 companies (22%) providing this as their primary risk.

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